In a statement, it said Faiz’s appointment follows the retirement of the current chairman, Awang Adek Hussin, this Saturday.

“This appointment is in accordance with Section 4(2) of the Securities Commission Act 1993,” it said.

The finance ministry said Faiz had extensive expertise and experience in finance, capital markets, audit, and financial management.

“Faiz has previously served as the executive chairman of PwC Malaysia and the chairman of the Malaysian Accounting Standards Board. He has been a member of the SC Board since August 15, 2023.

“With his experience, the ministry is confident that he will make an excellent contribution to ensuring that the SC achieves its goal of becoming a high-performance organisation,” it said.

Second finance minister Amir Hamzah Azizan also expressed his gratitude, on behalf of his ministry, to Awang Adek for his service.

“The ministry is grateful to Awang Adek for his service at the SC and believes that his expertise and experience will continue to benefit the country’s financial market,” he said.

According to the SC, Awang Adek’s tenure saw the revision of two major capital market laws awaiting government approval and the introduction of the Social Exchange, a fundraising platform for projects with positive social outcomes.

Other notable achievements under his leadership include the launch of the investED Capital Market Graduate Programme to ensure a sustainable skilled workforce for the industry, the introduction of Maqasid al-Shariah principles for the Islamic capital market, and the rollout of a roadmap for SMEs and mid-tier companies.